Corn basis mixed as futures surge, soy bids flat-lower

Spot basis bids for corn delivered to elevators and processing plants around the U.S. Midwest were mixed on Thursday after sharply higher futures prices triggered farmer sales of old-crop supplies, merchants said.

* Corn bids were capped at most locations by ample supplies of grain and concerns about weak demand.

* A larger-than-normal share of farmers have not sold as much corn as usual this season. Some responded to a sharp futures rally on Thursday by booking sales of old-crop supplies to catch up on marketing, merchants said.

* Chicago Board of Trade (CBOT) corn ZC1! surged by more than 3% after the U.S. Department of Agriculture (USDA) said U.S. farmers would plant fewer acres this spring than had been expected.

* Spot soybean basis bids were mostly unchanged at Midwest elevators and mostly steady to lower at crush plants.

* A crushing facility in Des Moines, Iowa, cut its spot bid by 4 cents a bushel on Thursday.

* Markets will be closed on Friday in observance of the Good Friday holiday.

Basis values are quoted against CBOT futures in cents:

NOTE: 0 = option price, UNC = Unchanged, UNQ = Unquoted,

NC =Not comparable, DP = Delayed Price, N/A = Not available,

F = January, H = March, K = May, N = July, Q = August, U = September, X = November, Z = December

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LINKS: (0#USCSHGRN-AM)

For U.S. forward basis spreadsheets, please click on:

(CORN/BASIS), (SOYA/BASIS), (WHEAT/BASIS), (MILO/BASIS)

- CBOT corn report

- CBOT soybean report

- CBOT wheat report

- U.S. grain barge freight values

- U.S. Midwest cash grain AM

- U.S. CIF/FOB Gulf Grain